Weiss, Johnson resign from GPG board

Gary Weiss, executive director of
Guinness Peat Group
and long time right hand man to Ron Brierley has resigned from the investment company which he helped build while newly appointed chairman Mark Johnson said he will also stand down.

Mr Weiss will resign from GPG as of April 30 but remain chairman of GPG’s industrial thread business Coats Group for at least 12 months and provide further consultancy services to GPG, to help the board with selling the various holdings of the company.

It’s been the end of an era for the one-time corporate raider, with GPG all but wound up after recently announcing the sale of its numerous holdings in order to return cash to demanding shareholders.

After decades at the top of corporate Australia, the past six months have been tough for Sir Ron and Mr Weiss, as they faced a shareholder revolt over the planned split of the company into its British, New Zealand and Australian arms.

Mr Johnson said he will not stand for election at the forthcoming annual general meeting scheduled to take place in New Zealand in June. He was chairman for just seven months, helping GPG to develop its new plan to realise value for shareholders, as announced in February.

Mr Johnson said with GPG’s future now determined and given his other commitments and priorities, it was best to stand down to allow a new chairman to guide the company in its new phase of development.

GPG said a further announcement will be made in due course regarding the appointment of a new chairman.